New Home Builders Crete – Payment Terms

10-90 Method of Payment

A 10% deposit (less 3,000 euro reservation fee) is required to be paid by the purchaser on the date stated on the Purchasing Agreement. The 5% Legal and Other Costs fee is paid at the same time as the deposit. The 90% balance is due on completion of the property.

The 10-90 method of payment is subject to a 5% handling fee which is payable to Hellenic Homes on the completion date stated on the Purchasing Agreement. The handling fee is equal to the 5% of the 90% balance of the property and is also applicable to any extras that might have been added on by the purchaser.

e.g If the house price is 100.000 euro, and the completion is in 12 Months or Less, then payments are calculated as follows:

Reservation fee:	3,000 EUR
10% deposit less reservation fee:	7,000 EUR
5% legal and other costs* (paid with deposit):	5,000 EUR
90% balance due on completion of the property:	90,000 EUR
5% handling fee due on completion:	4,500 EUR
Total house cost:	109,500 EUR

*For more than 12 Months completion the percentage of the handling fee may increase accordingly.

Stage Payments

A 10% deposit (less 3,000 euro reservation fee) is required to be paid by the purchaser on the date stated on the Purchasing Agreement. We then begin to build your house in agreed stages before you make any other payment. In this way we build first, without you having to pay any handling fee, and your payments are spread over the course of the build.

After completion of reinforced concrete foundation, columns, tie beams and all reinforced concrete structures, you will pay the first stage, which amounts to 40% of the property you have purchased. The second stage, which is also 40% of the purchase price, is paid after the walls and rendering to both interior and exterior surfaces have been completed. Finally the balance of 10% is paid within 21 days prior to completion of your house. Hellenic Homes will keep you informed of progress throughout the build stages.

Eg: If the house price is 100,000 euro then payments

are calculated as follows:

Reservation fee:	3,000 EUR
10% deposit less reservation fee:	7,000 EUR
5% legal and other costs* (paid with deposit):	5,000 EUR
40% first stage:	40,000 EUR
40% second stage:	40,000 EUR
10% final stage:	10.000 EUR
Total house cost:	105,000 EUR

*Legal and Other Costs

The Legal and Other Costs include a building licence, tax, IKA, utility connection charges, legal costs and other services. These costs usually exceed 6% of the total purchase agreement. However, Hellenic Homes will cap this at 5% and guarantee to meet any costs over and above this amount.